.

United Asia
There is no chance of an Asian Monetary Fund or Asian version of EU seeing the light of the day any time soon. But increased cooperation among the Asian nations is on the way. A big step forward will be taken next month when 13 finance ministers from the region are due to finalise for a $120 billion fund. It is meant for exclusive use of the member countries in dire straits.
The idea is to avoid going to IMF as many of them did in the late nineties following the currency crisis. In terms of world standards $120 billion is tiny amount and the fund will not be relevant unless it is a huge one. Even so it will certainly provide a great psychological relief for the Asia as a whole.